SLK Global offers Mortgage Outsourcing Services to the leading financial institutions in the United States. The mortgage industry was experiencing tough times with regards to the regulatory rules and reduced number of mortgages. To stay in the competition, the introduction of compliance resources was required to stay rooted in the competitive market.
Mortgage Initiation and Compliance
· Regulatory Standards – the mortgage industry had to abide to the regulatory reporting structure and the tough regulatory requirements. As a solution, SLK Global provides a solution by offering quality control methodology at a cheaper cost and meeting the compliance requirements in given timelines.
· Variable Workforce – to manage the fluctuations in volumes, SLK Global had a flexible workforce and rapid ramp up and ramping down option. The Mortgage Outsourcing services were offered at a low cost pricing (transaction based) with 24*7 operations.
· Competitive Market – to stay in the competition SLK initiated automation projects and focused on sales. The solutions was to offer end to end back office services to customers, assist in the area of non-domain function and enforce the business transformation.
· Profits – earning profits was one of the visions which were possible only due to reducing operational costs and increased efficiency. Noteworthy productivity improvements were accomplished resulting in savings of cost per unit pricing.
· Impeccable Customer Service – client delight is a motto of the game which could only happen by giving faster turn around and focusing on excellent quality output. The projects were implemented which caused Approx. 40% quality improvements in the set procedures.
Mortgage Lending
SLK Global started its mortgage services with data keying, loan registrations, reviewing of loan documents and closing of loans, underwriting and post closure review. Mortgage Outsourcing Services are offered in other areas of Mortgage like Underwriting, loans commencement, loan closing.etc. Here are some services which SLK Global offer in the area of Mortgages.
· Reduction in direct loan expense which means cutting down expenses on origination of a loan by processing done by efficient low cost back office operations.
· Reduction in loan closing cycle by using loan verification services which reduces loan processing life cycle by approx. 25%.
· Efficiently handling loan verification, data keying, underwriting support which potentially reduces the loan fees.
· Administering regulatory compliance and lessen the risk of fraudulent loan services by using pre-funding and post-closure services.
SLK Global also offers services in the area of residential mortgage loans – typically handling its origination and customer service. Mortgage Outsourcing services also support other mortgage products like fixed rate mortgages, jumbo loans, non confirming loans, adjustable loan mortgages (ARM), loan acquisition, underwriting support, conditional processing and quality control. SLK Global’s expertise assists a financial institution to enhance its end to end mortgage loan origination services.